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Alexander Hall Mortgages Types of mortgage Lowest Base Rate Tracker mortgage deals and rates
With a base rate tracker mortgage the rate of interest you pay is tied to the base rate set by the Bank of England.
Typically the tracker mortgage rate will be set as a percentage above the base rate and although the resulting interest rate is usually lower than a mortgage lender's standard variable rate, this will vary from lender to lender.
Tracker mortgages often have an early repayment charge which varies between lenders. Usually, this only applies during the term of the initial incentive tracker period; however there may be some tracker mortgages which have early repayment charges beyond this period.
| Lender | Initial rate | Type & period | Reverting to | The overall cost for comparison | Early Repayment Charges | More details or apply |
|---|---|---|---|---|---|---|
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2.38% | Tracker 2 yrs | 4.95% | 4.6% APR | 3% of loan for 2 years | |
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"Free valuation and legal costs for Remortgage" Call 08000 38 37 36 for more details or to apply. |
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2.39% | Tracker 31/01/2014 | 5.99% | 5.6% APR | 2% of loan to be paid until 31/01/2014 | |
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"Market-leading tracker rate" Call 08000 38 37 36 for more details or to apply. |
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3.19% | Tracker Until 31/01/2014 | 5.99% | 5.9% APR | 2% until 31/01/2014 | |
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"Well-priced 2yr tracker with 15% deposit needed" Call 08000 38 37 36 for more details or to apply. |
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A main advantage of a tracker mortgage is that the difference between the variable rate and the base rate is usually a lot smaller than the margin between a standard variable rate mortgage and the bank base rate so you will end up paying less overall.
In addition, if the base rate falls, the interest payments on your mortgage loan will fall accordingly, no matter how low the base rate goes.
However, remember that the bank base rate can rise as well as fall which can make budget planning difficult.